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Analysis 30 November 2017: -
On 29 November 2017: FII Net sold – 859.27 INR Crs: DII Net Bought – INR – 771.07 Crs
We are on derivative expiry day. Quoted resistance of 10400 is still
on its task as Nifty is turning shy to cross this resistance mark. It has just
played here and there at 10400 but never be decisive at this point. I usually
do not trade on derivative expiry day as it used to be unpredictable
I may not opt to trade but my biasing is towards bears. Market may
head towards 10200-10100 again in coming few days.
For today’s trading session, Nifty is likely to open on negative note
as indicated by SGX Nifty. I am sure that it will not give easy cross above
10400 and it may give an intraday sell signal at top. If this goes the way I am
expecting then this expiry may go on big negative. Still, I suggest that take
this as view as expiry day used to be unpredictable. Even I may not opt to
trade on soft signals.
I am not going to be greatly bullish anymore as I was bullish from
9000 and now I am expecting side wise to correction time. It hardly matters if
this magnitude goes 1400 points exactly or goes as 1300 points or 1600 points.
Call was bullish above 9000 and so far it is pity successful.
Strategy for Nifty November
future – those who has added shorts on higher side may have a pleasant day.
Technically a trade below 10300 may push for shorting. I took a long from 10100
and booked above 10350 and this suggested soft short to my traders. On higher
side it will face resistance at 10360-10380
BANK NIFTY November future –
I am not active on this index since stimulus. In my view it is not going in the
expected way although it is up. It is giving signs of tiredness which may be an
early indication of weakness. There are many banking which is not in parallel
with this index. 25800-26000 is a zone of resistance and it may fail to see a
crossover. Today may be big day for bears.
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